Baghdad: Oil prices rose by about 2% during trading on Wednesday, following US President Donald Trump’s announcement that he would suspend the recently imposed reciprocal tariffs for 90 days. The shift in crude oil prices comes after a sharp decline of more than 3% earlier in Wednesday’s trading, which sent Brent crude prices below $60 per barrel.

According to National Iraqi News Agency, Brent crude futures rose by about $1.17, or 1.86%, to $63.99 per barrel at 17:34 GMT.